Evoke Pharma (EVOK) Receives $3M in Proceeds from Existing Warrants

Evoke Pharma, Inc. (NASDAQ: EVOK), a specialty pharmaceutical company focused on developing treatments for gastrointestinal (GI) diseases, with a particular emphasis on GIMOTI® (metoclopramide) nasal spray, announced today that it received approximately $3.0 million in gross proceeds from the amendment and exercise of existing warrants.

The approximately $3.0 million in gross proceeds will be used to support working capital and general corporate purposes, including advancing the commercial efforts for GIMOTI. Details of the exercised warrants can be found in the corresponding SEC filing. No new warrants were issued with these transactions which closed on September 30, 2024.

"Recent regulatory events clarify that Gimoti is unlikely to have direct branded competition for several years at the earliest. With this knowledge, we welcome the additional capital which strengthens our ability to create long-term value for our shareholders," said Matt D’Onofrio, CEO of Evoke Pharma.

As part of this transaction, Nantahala Capital Management, an existing investor and warrant holder, has been granted the right to nominate two members to the company’s Board of Directors.

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